Reuters
China Evergrande chairman put under police watch; liquidation risk looms
HONG KONG (Reuters) -The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer’s future as it grapples with the mounting threat of liquidation. Citing people with knowledge of the matter, the report said Hui Ka Yan, who founded Evergrande in 1996 in the southern city of Guangzhou, was taken away by police earlier this month and is being monitored at a designated location. Evergrande is the world’s most indebted developer with more than $300 billion in total liabilities and has been at the centre of an unprecedented liquidity crisis in China’s property sector, which accounts for roughly a quarter of the economy.